State Street to Provide Multi-Domicile Investment Manager Operations Outsourcing for the F&C Group
June 27 2011 - 9:51AM
Business Wire
State Street Corporation (NYSE: STT), one of the world’s leading
providers of financial services to institutional investors,
announced today that it has been appointed by F&C Asset
Management (F&C) to provide investment manager operations
outsourcing for some £106 billion in assets.
State Street will provide F&C, and its subsidiary Thames
River Capital with services for their global operations which
includes investment operations, custody, fund accounting, trustee,
securities lending and transfer agency – the latter provided
through IFDS, State Street’s joint venture with DST systems. As a
result of this mandate, 102 employees will transition to State
Street from F&C in London and Edinburgh.
“We are delighted to have agreed a partnership with State Street
to ensure that F&C remains well-positioned to deliver
best-in-class investment operations and technology solutions to our
investment teams and our clients,” said Alain Grisay, Chief
Executive of F&C. “This agreement will improve operational
efficiency and is a major step forward in introducing long term
flexibility in our cost base which will benefit both our clients
and shareholders.”
“State Street is a recognised global leader in investment
manager operations outsourcing and we are confident that our
organisation and our clients will benefit from our leading
technology systems, depth of resources and commitment to excellence
in client service,” said Joe Antonellis, Vice Chairman of State
Street. “As one of the first providers to offer investment manager
operations outsourcing services, State Street has a decade of
experience in servicing some of the most complex and global
clients.”
Antonellis continued: “In the period of rapid expansion within
the global markets over the past decade, many investment managers’
legacy technology systems need significant investment to keep pace
with the servicing requirements of innovative new investment
strategies. We are delighted that F&C have chosen State Street
to support their requirements.”
As a market leader, State Street provides services for more than
$7.1 trillion in middle office assets to clients globally. Its
investment manager operations outsourcing solution covers all
aspects of the trading cycle. Trade matching and settlement through
performance and client reporting functions are easily integrated
into State Street’s full spectrum of accounting, custody and fund
administration services. These services help investment managers
convert substantial fixed operating costs to a variable cost model,
eliminating manual processes and ensuring data integrity.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors,
including investment servicing, investment management and
investment research and trading. With $22.6 trillion in assets
under custody and administration and $2.1 trillion* in assets under
management at March 31, 2011, State Street operates in 26 countries
and more than 100 geographic markets worldwide. For more
information, visit State Street’s website at
www.statestreet.com.
About F&C
F&C Asset Management (London Stock Exchange: FCAM) is a
diversified investment management group which traces its origins to
the launch of the Foreign & Colonial Investment Trust in 1868.
While many asset managers are owned by financial services
conglomerates, such as banks or insurance companies, F&C is an
independent group. F&C is focused exclusively on managing
money and its teams invest across all major asset classes –
equities, fixed income and property – and a number of specialist
areas including absolute return strategies, liability driven
investments, sustainable investments and private equity funds.
Today the group operates from offices in eleven countries and
manages £106.1 billion of assets (as at 31/3/11) for a combination
of insurance clients, institutional investors, wealth managers and
private individuals which collectively represent in excess of 3
million underlying savers. The group includes F&C REIT, a
global real-estate asset manager, and Thames River Capital, a
boutique asset manager with strong expertise in absolute return and
multi-manager funds. For more information, visit F&C’s website
at www.fcamplc.com
*This AUM includes the assets of the SPDR Gold Trust (approx.
$56 billion as of March 31, 2011), for which State Street Global
Markets, LLC, an affiliate of State Street Global Advisors serves
as the marketing agent.
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